Tortoise Captial Advisors
 

Tortoise Capital Advisors, LLC Provides Update On Credit Facilities Agreements for Its Publicly-Traded Closed End Funds

LEAWOOD, Kan. – June 19, 2009 – Tortoise Capital Advisors, LLC, the adviser for Tortoise Energy Infrastructure Corp., Tortoise Energy Capital Corp., Tortoise North American Energy Corp, and Tortoise Capital Resources, Corp. (NYSE: TYG, TYY, TYN and TTO respectively), announced today all of its publicly-traded closed end funds have amended their credit facilities. TYG has entered into a $70 million credit facility, TYY has entered into a $50 million credit facility and TYN has entered into a $10 million credit facility. Each of these agreements will mature on June 20, 2010 and are unsecured. TYG currently has $20.5 million outstanding on its credit facility, while TYY and TYN currently have no borrowings on their facilities.

Under the terms of these credit facilities, outstanding balances generally will accrue interest at a variable rate equal to one-month LIBOR plus 2.00 percent with a fee of 0.25 percent on any unused balance of the facility. U.S. Bank, N.A. remains a lender and the lending syndicate agent.

"We believe these facilities will meet our borrowing needs over the next year, and expect to use the facility as needed for investments, general working capital purposes and to partially refinance existing leverage," said Terry Matlack, Chief Financial Officer for the funds. "We continue to expect to redeem all remaining 7 and 28 day auction rate securities as soon as the capital markets provide a suitable longer term alternative and when the leverage can be replaced in a manner that will provide long term stockholder value, with a goal of completing these redemptions by the end of the calendar year."

TTO has entered into a 60-day extension of its amended credit facility through Aug. 20, 2009. The terms of the extension provide for a secured revolving credit facility of up to $11.7 million. TTO has $11.7 million outstanding on its credit facility, net of anticipated paydowns as a result of completed portfolio sales. The amended credit facility retains the provision requiring TTO to apply 100 percent of the proceeds from any private investment liquidation and 50 percent of the proceeds from the sale of any publicly traded portfolio assets to the outstanding balance of the facility.

During the extension, outstanding loan balances generally will accrue interest at a variable rate equal to the greater of (i) one-month LIBOR plus 3.00 percent, and (ii) 5.50 percent, with a fee of 0.50 percent on any unused balance of the facility.

"We reduced the TTO outstanding credit facility balance by selling some of our public investments," said Mr. Matlack. "We will continue our active discussions with our existing and prospective lenders with the goal of entering into a new longer term credit facility by Aug. 20, 2009."

Tortoise Capital Advisors, LLC is a pioneer in capital markets for MLP investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy sector. As of May 31, 2009, the Adviser had approximately $2.0 billion of assets under management.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, pkearney@tortoiseadvisors.com